Canadian Dollar Wave 3 or C

[B]Commentary:[/B] We wrote yesterdat to “look for a thrust lower from a triangle to test either the 61.8% of 1.0340-1.0699 at 1.0477 or the 78.6% at 1.0417.” The thrust lower occurred and the USDCAD bottomed at 1.0462 yesterday.

The pair should be in a rally leg that pushes through 1.0699 (likely next week). Target are 1.0821 (100% extension of 1.0340-1.0699/1.0462) and 1.1043 (161.8% extension). The rally from 1.0462 is either larger wave C or 3. [B]Strategy:[/B] Remain Bullish, against 1.0340, targets 1.0821 and 1.1043